Central bank could manage new sovereign wealth fund as Macao authorities seek higher return on booming reserves; IMF encourages idea in staff report. The Macao authorities are “willing to contemplate” establishing a sovereign wealth fund (SWF) according to the International Monetary Fund (IMF), as they chase a higher return on their reserves.
Macao overtook Las Vegas as the largest gaming centre in the world in 2005, and started rapidly accumulating foreign exchange reserves as a result. A decade-long gaming boom pushed reserves to $30 billion in January 2014 – nearly 60% of GDP - and, according to the IMF, the authorities are now considering handing some of the pot to a new SWF…………………………………Full Article: Source